IRENEX to offer light crude at $67.28

TEHRAN, May 18 (MNA) – The representative of Iran’s National Iranian Oil Company (NIOC) announced on Saturday that light crude oil is to be offered at Iran Energy Exchange (IRENEX) at the base price of $67.28 in the next round of oil auction.

According to Amir Hossein Tebyanian, two million barrels of light crude oil will be offered at IRENEX on Tuesday and due to new decisions of NIOC this offering round will be different from the previous ones in some aspects.

As he informed, the least volume of uploading the purchased cargoes via land stands at 1,000 barrels and price setting methods have also been changed in a bid to reduce purchase risks and improve transparency.

Exports destinations, as before, can be anywhere across the globe, except to the Zionist regime, and the purchasers can pay six percent of the whole price in foreign exchange rates in advance.

NIOC started oil offering at IRENEX due to the US’s withdrawal from Iran’s nuclear deal and re-imposition of sanctions against the Iranian oil sector. The company commenced the initial offer at IRENEX on October 28, 2018, just a few days before the new round of US sanctions were placed.

There are several advantages for purchasing oil from IRENEX)including the lower prices, smaller cargoes, easy conditions for participating the market, clearing the payments in rial and exporting the purchased cargoes to all over the world.

HJ/IRN 83318109

News Code 145379

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